UNGA 77: TEF signs African Youth Entrepreneurship agreement with UNCDF

2 weeks ago

The Tony Elumelu Foundation and the UN Capital Development Fund (UNCDF) yesterday, signed an agreement to support youth entrepreneurship in Africa, with a specific focus on historically underinvested areas within African frontier markets.

Tony O. Elumelu, Founder of The Tony Elumelu Foundation; and Preeti Sinha, Executive Secretary of UNCDF.

 In bringing together the expertise, experience and boots-on-the-ground presence in African markets of The Tony Elumelu Foundation and UNCDF, the two organisations will work towards reaching and empowering the most promising youth entrepreneurs on the continent.

 A memorandum of understanding (MOU) was signed at the offices of UNCDF on the sidelines of the 77th session of the UN General Assembly. The agreement was signed by Tony O. Elumelu, Founder of The Tony Elumelu Foundation; and Preeti Sinha, Executive Secretary of UNCDF.

“In Africa, we feel the harsh impact of youth joblessness. As African leaders, we must do something. As global leaders, it is important that we work together to address this issue. If we don’t deal with these challenges today, the world will not be a good place for all of us,” said Tony Elumelu, Founder of The Tony Elumelu Foundation. “In Nigeria alone, about 60 percent of our young ones, who account for half of our population are not employed. This is a problem that we need to resolve collectively. I want to say thank you Preeti, your colleagues, and the entire UNCDF, for supporting this kind of partnership. We know what our young ones in Africa need, we know how having access to finance can help change the trajectory of their lives. I hope that what we are about to do today with this partnership signing will help to expand and scale what we do at TEF.

Last year, we partnered with the European Union to empower 3,000 young African women entrepreneurs, because they share our belief that if you empower a woman, you empower an entire community. We hope that this initiative helps us to touch even more lives across the continent.”

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